EU and China face crunch time in effort to avoid trade war

What happened: China and the EU reached an "understanding" after two-day talks in Beijing between their trade chiefs, averting a trade war. Chinese exports of hybrid vehicles to the bloc will be halved in time. Key numbers: Europe says it gains $4.5bn in improved market access. Talks lasted two days. Why it matters: The EU describes improved market access, while Beijing's statement was more muted, indicating the two sides framed the outcome differently. Coverage: 3 outlets in 24h

China and the EU reached an "understanding" after two-day talks in Beijing between their trade chiefs, averting a trade war. Chinese exports of hybrid vehicles to the bloc will be halved in time.

The EU describes improved market access, while Beijing's statement was more muted, indicating the two sides framed the outcome differently.